US stocks surged Monday, recovering some from the wreckage left by two weeks of trading that wiped out trillions of dollars in market value.
Shortly after the market opened at 9:30 a.m. ET on Monday, the Dow Jones industrial average was up 240 points, or 1%.
The New York Fed's survey of consumer expectations showed median inflation expectations over the next year eased to 2.7% in January from the previous reading of 2.8%. The Nasdaq composite gained 107 points, or 1.6 percent, to 6,981.
Consequently, investors are paying close attention to the bond market, in relation to interest rates, with yields dropping during Tuesday's morning trade.
"You nearly could hear a collective sigh of relief on Friday when the market closed higher on the day - and ahead of a weekend at that", said John Stoltzfus, the chief investment strategist at Oppenheimer Asset Management, in a note on Monday.
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The S&P 500 had the best two day win streak since June 2016, gaining 36.39 points, or 1.39 percent, to 2,655.94. At the closing bell, the Dow Jones Industrial Average was at 23,858.90, down 4.2 percent. However, the appreciation of the precious metal is expected to be curbed before the United States inflation figures later this week, which may mean a faster-than-expected rise in interest rates.
Oil prices have dropped since reaching long-time highs in late January, when US crude peaked at $66 a barrel.
More than three-fifths of the companies on the S&P 500 have reported earnings, with almost 78 percent of them topping profit expectations, according to Thomson Reuters data. Walgreens fell 1.8 percent.
The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,679.
The three major indexes plummeted into correction last week - a 10% drop from recent peaks - after a long and unusually stable period that helped catapult them to record highs. A drop of that size is known on Wall Street as a market "correction". Trump also unveiled a plan to spend $1.5 trillion on the country's ailing infrastructure over the next decade.
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After huge gains in the first weeks of this year, stocks tumbled Friday after the Labor Department said workers' wages grew at a fast rate in January. General Dynamics lost $2.57, or 1.2 percent, to $209.53.
Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.86 percent. Heating oil dipped 3 cents to $1.99 a gallon. Silver lost 20 cents, or 1.2 percent, to $16.14 an ounce. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet.
Germany's DAX jumped 1.4 percent while the CAC 40 in France and the British FTSE 100 both advanced 1.2 percent.
The dollar rose to 108.67 yen from 108.53 yen. Copper added 5 cents, or 1.7 percent, to $3.09 a pound. The euro fell to $1.2276 from $1.2392.
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